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RAM Ratings maintains surveillance of Bank Rakyat
Published on 14 May 2018.
RAM Ratings has received confirmation that Imtiaz Sukuk Berhad, a funding conduit of Bank Kerjasama Rakyat Malaysia Berhad (Bank Rakyat or the Bank), had fully paid up its RM1 billion Islamic Medium-Term Notes Programme on 23 November 2017 and cancelled the facility on 26 April 2018. We therefore no longer have any rating obligation in respect of the said instrument, which had previously carried an issue rating of AA2(s)/Stable.
We will, however, maintain surveillance of Bank Rakyat’s AA2/Stable/P1 financial institution ratings and the ratings of the following sukuk facilities, which had been issued through the Bank’s other funding conduits.
Table 1: Bank Rakyat’s issue ratings|
|
Ratings |
|
Imtiaz Sukuk II Berhad |
|
|
RM9 billion Islamic MTN and Islamic CP Programme (2013/2023) |
AA2(s)/Stable/P1(s) |
|
Mumtaz Rakyat Sukuk Berhad |
|
|
RM5 billion Subordinated Sukuk Murabahah Programme (2016/2036) |
AA3(s)/Stable |
Analytical contact
Chew Wei Li
(603) 7628 1025
weili@ram.com.my
Media contact
Padthma Subbiah
(603) 7628 1162
padthma@ram.com.my
The credit rating is not a recommendation to purchase, sell or hold a security, inasmuch as it does not comment on the security’s market price or its suitability for a particular investor, nor does it involve any audit by RAM Ratings. The credit rating also does not reflect the legality and enforceability of financial obligations.
RAM Ratings receives compensation for its rating services, normally paid by the issuers of such securities or the rated entity, and sometimes third parties participating in marketing the securities, insurers, guarantors, other obligors, underwriters, etc. The receipt of this compensation has no influence on RAM Ratings’ credit opinions or other analytical processes. In all instances, RAM Ratings is committed to preserving the objectivity, integrity and independence of its ratings. Rating fees are communicated to clients prior to the issuance of rating opinions. While RAM Ratings reserves the right to disseminate the ratings, it receives no payment for doing so, except for subscriptions to its publications.
Similarly, the disclaimers above also apply to RAM Ratings’ credit-related analyses and commentaries, where relevant.
Published by RAM Rating Services Berhad
© Copyright 2018 by RAM Rating Services Berhad
